Haruhiko Kuroda became the longest-serving governor of the Bank of Japan in September. As the architect of a massive monetary-easing policy, the central bank governor has been lauded by many for rectifying an overvalued yen and attracting overseas investors.

But Senior Fellow Hideo Hayakawa points out that Kuroda “had no Plan B in case he failed to achieve the 2-percent [inflation] target.” As a result, the BOJ “ended up having to keep buying a tremendous amount of assets,” Hayakawa said. “The bank has distorted the market, which is a bigger worry.”

“BOJ’s Longest-Serving Governor: The Impact of ‘Different Dimension’ Monetary Policy,” NHK-World
https://www3.nhk.or.jp/nhkworld/en/news/backstories/1789/

Profile of Senior Fellow Hideo Hayakawa
https://www.tkfd.or.jp/en/experts/detail.php?id=620